Business Journal

Energy

NNPC Progresses Floating LNG Project with Golar LNG

L-R: NNPC Limited’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan; Chief Financial Officer, Mr. Umar Ajiya; Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye; CEO Golar LNG Limited, Karl Fredrik Staubo (CEO) and two other officials from Golar LNG, during the signing ceremony of the Project Development Agreement (PDA) between the NNPC Limited and Golar LNG Limited for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria on Monday.

In furtherance of its commitment to monetise Nigeria’s vast natural gas resources, the NNPC Limited has executed a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria.

The signing ceremony, which took place on Monday, June 10, 2024, was attended from the NNPC Limited side by the Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan while the Golar LNG team was led by – Karl Fredrik Staubo (CEO).

The PDA is another major milestone achievement towards ensuring gas commercialisation through deployment of an FLNG Facility in Nigeria, which is in line with Mr. President Bola Ahmed Tinubu’s resolve to rapidly commercialise Nigeria’s gas assets for the economic prosperity of the Nation.

The agreement aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria. The PDA also outlines the monetisation plan that will utilize approximately 400-500mmscf/d and produce LNG, LPG and Condensate.

The Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieve Final Investment Decision (FID) before end of Q4, 2024 and first gas by 2027.

Golar LNG Limited is a renowned independent owner and operator of LNG infrastructure, including carriers, floating storage and regasification units (FSRUs), and floating liquefaction (FLNG) vessels.

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